1.08 -0.15%
  • BTC
    27365.73 2.15%
  • ETH
    1859.58 2.38%
  • SOL
    19.9 2.36%
  • ADA
    0.37 1.09%
  • AVAX
    14.85 1.09%
  • DOT
    5.4 1.77%
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    92.43 1.8%
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    116.46 1.4%
  • CRO
    0.06 0.65%
    0.88 1.7%
  • LINK
    6.58 0.7%
  • XLM
    0.09 0.58%
  • UNI
    5.14 1.28%
  • SHIB
    0 1.02%

DeFi Sunday: Ethereum to 3 000 dollars supported by DeFi hype

The biggest altcoin, Ethereum, has been benefiting from the hype of the DeFi world for quite some time. But the latest surge in the price makes this altcoin really stand out.

Ethereum is improving its position

It is obvious that Ethereum is mainly gaining now due to the usage of DeFi protocols and solutions as well as due to the expected switch to Ethereum 2.0 (changing the consensus protocols from proof of work to proof of stake). All of these factors have definitely contributed to the fact that Ethereum is now attacking 3 000 dollars mark, with several pushes of ATH in the past weeks.

Solely in the past week, the cryptocurrency gained 30% of its value and is now sitting a bit below 3 000 dollars with ATH around 2 950 dollars at the time of writing. Its total market capitalisation is around 340 billion dollars, which is around 35 % of total Bitcoin market cap. This level is also one of the highest in past years. To put it into more perspective, Ethereum´s market cap is now bigger than market capitalisation of companies such as Nestle or Proctor and Gamble. Moreover it surpassed also a payment giant Paypal, and will probably also better the likes of Walt Disney or Bank of America very soon if it keeps this pace.

It is very clear that Ethereum is not going to get flipped by any other cryptocurrency in the near future, since the altcoin has strengthen its position as the second biggest cryptocurrency by market cap thanks to recent surge. Moreover, Binance Coin, which is third cryptocurrency by market cap is now „losing“ a bit of pace with ETH, but it had really good run at the past few weeks as well. Both of these coins are mostly benefiting from the DeFi hype, since BNB, native token of Binance exchange, is connected to Binance Smart Chain, which is seen as a direct competition to Ethereum. It will be really interesting to see, how far these two projects in particular can rise on the DeFi hype, but it is very clear that the bull run for these projects is and will be very explosive.

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